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What are the tax implications for Australians who retire in Thailand and invest in properties there?
Australian Tax ImplicationsThailand Investment PropertiesDouble Tax Agreement (DTA)Tax ResidencyRetirement in ThailandReal Estate InvestmentForeign IncomeDigital Tax Laws
Nov 27, 2024
a year ago
Rod ********
ORIGINAL POSTERHi
Any Australians here who are “retired” in Thailand and have investment properties in Thailand as a source of income?
What tax implications are there for Australia? I know there is a DTA in place between the 2 countries.
Considering owning several to create a “Thai money” income as well as the one we will live in. And leaving other rentals in Australia as well.
Any other advice, experiences and information would be appreciated!!
Any Australians here who are “retired” in Thailand and have investment properties in Thailand as a source of income?
What tax implications are there for Australia? I know there is a DTA in place between the 2 countries.
Considering owning several to create a “Thai money” income as well as the one we will live in. And leaving other rentals in Australia as well.
Any other advice, experiences and information would be appreciated!!
TLDR : Answer Summary
An Australian expat inquiring about tax implications for owning investment properties in Thailand received various comments from the community. Key advice included understanding the DTA between Australia and Thailand, keeping property dealings separate between the two countries, and considerations about tax residency. Some participants suggested retaining Australian properties for income while avoiding purchasing in Thailand unless married to a Thai national. There was also caution regarding new digital tax laws. Overall, the conversation emphasized careful tax planning and residency considerations.
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Jim ********
Best to keep property ownership in Australia and use the income to fund your Thailand lifestyle, which is what I do. Retain your Australian Tax Residency so you will not be liable for taxation in Thailand. Don't even think about buying properties in Thailand
Rod ********
ORIGINAL POSTER@Jim *******
retaining tax residency seems so wishy washy even my accountant can not confirm. Even though we plan to return to Aus to see family for 2-3 months a year.Jim ********
@Rod *******
If you have a "permanent home" in Australia and visit at the frequency you mention, you will have no problems. I've done that for years. I've had dual tax residency, but Australia wins out because of the permanent home. Don't always listen to the "tax experts", I find it's best to enquire with the relevant tax authorities who will give advice and references free of charge.Rod ********
ORIGINAL POSTER@Jim *******
we plan to sell our residential home and have the one or two rental properties still. Do these count as a “permanent home”. Our mailing address and license etc we will use our daughters home for this.Jim ********
@Rod *******
Yes just transfer everything to your daughter's address, and ensure you register on the electoral roll for that address. Keep bank accounts, driver's licence, anything "official" which ties you to that address will suffice. My situation is very similar, I use my daughter's address, although I own the house she lives in. I'd consider keeping your residential home and renting it out, and living off the income. Once you buy in Thailand, you are tying yourself to the country. Rents in Thailand are dirt-cheap compared to Australia. Think cashflow rather than owning real estate. I have five properties in Australia, but own nothing in Thailand. The Thai Tax Office would have an insurmountable task trying to show that I am a Thai Tax Resident, other than the 180 days.Rod ********
ORIGINAL POSTER@Jim *******
we would love to keep the family home but as it’s on acreage may present a headache having it rented out. Leaning more to keeping or permanent rentals we already have. As for rent what are we talking a month? We are wanting to end up in Krabi and rents, just with looking online seem a little high.Rod ********
ORIGINAL POSTER@Jim *******
yeh I’m in that one. Tents are a little hard to gauge anywhere from $15k baht to $70k baht a month. Thanks for your straightforward adviceJim ********
@Rod *******
I'll go with the acreage. I had a 30-acre lot in the NSW Northern Rivers which I dearly would have loved to have kept, but the kids grown up are city dwellers now and have no interest, and you're totally correct, acreages are not good rental properties. Sell it and buy a unit in Ramsgate Sydney 👍. I don't know about Krabi, I'm a city guy, tried the provinces Phuket, Chiang Mai, Rayong, and even Khon Kaen, but always drift back to Bangkok. I'd suggest you join a Krabi expats Facebook group and post the questions there. You'll get a better idea of what kind of rents you can expect to pay.Rod ********
ORIGINAL POSTER@Jim *******
yeh I’m Northern river as well. Grafton. That’s a thought for us. I’m not 50 for a year or 2 so have plenty of time to planJim ********
@Rod *******
I nearly bought at Coutts Crossing about 20 years ago, but in the end went for an acreage outside of Lismore. I still have a house in Lismore (outside of the flood thankfully). Bought it in 1997 for $95k, now valued at $700k. Funnily enough it's the best renter on my books. Close to the Uni and St Vincent's, any time it's advertised, I get a minimum of 20 applications. In the 27 years I've owned it, it's been vacant for a total of 16 weeks, always between tenants. I thought about offloading it years ago, but the voices in my head keep telling me to keep it! 😆Reply to
Jim ********
Reply
Neale *********
Your money is a lot safer in your own country
Will ******
New tax laws here, everything going digital. If married to a thai do it, otherwise don't
Peter *********
Keep thai properties separate from Australia say nothing
Rod ********
ORIGINAL POSTER@Peter ********
in what way do you mean?Rod ********
ORIGINAL POSTER👌🏽
Peter *********
@Rod *******
don't mention you have properties in Thailand to anyone Australia 😉Reply to
Peter *********
Reply
Christopher *************
Suggest read your DTA first , you would understand more
Reply to
Christopher *************
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